开放式基金投资者赎回行为的影响因素分析

发布时间：2019-03-16 12:55

【摘要】：本文在回顾国内外学者们关于开放式基金投资者赎回行为影响因素相关研究成果的基础上,基于我国开放式基金市场发展的实际情况,将开放式基金投资者赎回行为的影响因素划分为宏观环境因素、基金管理因素、基金投资者因素和基金特征的因素,并细分为8个影响因素变量,并对各因素开放式基金投资者赎回行为之间的关系进行了单独实证性分析和全面考虑各因素后的综合性实证分析。通过的实证检验,得出了如下基本结论：(1)证券市场发展水平与开放式基金投资者赎回率之间呈负相关关系,即证券市场发展水平越高,开放式基金投资者对开放式基金的赎回越低；证券市场发展水平越低,开放式基金投资者对开放式基金的赎回越高。(2)开放式基金规模对开放式基金投资者赎回率存在着一定的正向影响机制,即开放式基金规模越大,开放式基金投资者对开放式基金的赎回越高；开放式基金规模越低,开放式基金投资者对开放式基金的赎回越低。(3)开放式基金业绩(净值)与开放式基金投资者赎回呈现反方向变动的关系,即开放式基金业绩越好(净值越高),开放式基金的赎回比例越低；开放式基金业绩越差(净值越低),开放式基金的赎回比例越高。由此本文假设3得以验证。(4)开放式基金分红金额与开放式基金投资者赎回行为之间存在同方向变化的关系,而开放式基金分红次数与开放式基金投资者赎回行为之间则存在反方向变化的特征。(5)开放式基金赎回费率与开放式基金投资者赎回行为之间呈现出反方向变动的特征,即开放式基金赎回费率越高,开放式基金的赎回比例越低；开放式基金赎回费率越低,开放式基金的赎回比例越高。(6)开放式基金机构投资者占所有开放式投资者的比例大小与开放式基金投资者的赎回行为之间呈现出同方向变动的关系,即开放式基金机构投资者占所有开放式投资者的比例越大,开放式基金投资者的赎回行为越多,开放式基金机构投资者占所有开放式投资者的比例越小,开放式基金投资者的赎回行为越少。(7)开放式基金成立时间长短与开放式基金投资者赎回行为之间呈现出同方向变动的关系,即开放式基金成立时间越长,开放式基金投资者的赎回行为越多,开放式基金成立时间越短,开放式基金投资者的赎回行为越少。本文的研究,一方面,是对基金赎回理论在我国开放式基金应用研究领域的理论扩展,另一方面,为我国开放式基金在发展过程中科学地进行赎回决策并由此来促进我国开放式基金行业的健康发展提供有效的实践参考。因此,本文的研究,无论是在理论发展层面,还是在具体的执行操作层面,都具有重要的意义与价值。
[Abstract]:On the basis of reviewing the research results of domestic and foreign scholars on the influential factors of redemption behavior of open-end fund investors, this paper is based on the actual situation of the development of open-end fund market in China. The influencing factors of redemption behavior of open-end fund investors are divided into macro-environment factor, fund management factor, fund investor factor and fund characteristic factor, and divided into 8 factors variables. This paper also analyzes the relationship between the redemption behavior of open-end fund investors and the comprehensive empirical analysis after considering each factor in an all-round way. Through the empirical test, the following basic conclusions are drawn: (1) there is a negative correlation between the development level of the securities market and the redemption rate of open-end fund investors, that is, the higher the level of development of the securities market, the higher the level of development of the securities market. The lower the redemption of open-end fund investors; The lower the level of development of the securities market, the higher the redemption of open-end fund investors. (2) the scale of open-end fund has a positive effect on the redemption rate of open-end fund investor, that is, the larger the open-end fund size, the higher the redemption rate of open-end fund. The higher the redemption of open-end fund investors; The lower the size of open-end funds, the lower the redemption of open-end fund investors. (3) the relationship between open-end fund performance (net value) and open-end fund investors' redemption changes in the opposite direction. That is, the better the performance of open-end funds (the higher the net value), the lower the redemption ratio of open-end funds; The worse the performance of open-end funds (the lower the net value), the higher the redemption ratio of open-end funds. (4) there is a relationship between the dividend amount of open-end fund and the redemption behavior of open-end fund investors in the same direction. However, there is a reverse change between the number of dividends and the redemption behavior of open-end fund investors. (5) the redeeming rate of open-end fund and the redemption behavior of open-end fund investors have the characteristics of reverse-direction change. That is, the higher the redemption rate of open-end funds, the lower the redemption ratio of open-end funds; The lower the redemption rate for open-end funds, The higher the redemption ratio of open-end funds is. (6) the relationship between the ratio of open-end fund institutional investors to all open-ended investors and the redemption behavior of open-end fund investors is in the same direction. That is, the larger the proportion of open-end fund institutional investors in all open-ended investors, the more redemption behavior of open-end fund investors, and the smaller the proportion of open-ended fund institutional investors in all open-ended investors. The less redemption behavior of open-end fund investors is. (7) the relationship between the establishment time of open-end fund and the redemption behavior of open-end fund investors shows the same direction, that is, the longer the open-end fund is established, the longer the open-end fund is established. The more redemption behavior of open-end fund investors, the shorter the establishment time of open-end fund, and the less redemption behavior of open-end fund investors. The research in this paper, on the one hand, is an extension of the theory of fund redemption theory in the application of open-end funds in China, on the other hand, In order to promote the healthy development of China's open-end fund industry, an effective practical reference is provided for China's open-end fund to make a scientific redemption decision in the course of its development. Therefore, the research of this paper is of great significance and value both in theory development level and in concrete execution operation level.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.91;F224

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